Capital Effects in Fisheries: The Challenges and Opportunity for Achieving Sustainability in Commercial Fisheries

• Main Authors: Fernandes, Devlin, Sutcliffe, Tasha
• Format: Text
• Language: English
• Published: Western CEDAR 2016
• Subjects: Fresh Water Studies; Life Sciences; Marine Biology; Natural Resources and Conservation; British Columbia; Canada; First Nations
• Online Access: https://cedar.wwu.edu/ssec/2016ssec/policy_and_management/21

Coastal communities in BC are facing a loss of adaptive capacity and resiliency in the economy that has traditionally supported them, and a key challenge is access to capital to enter, re-enter, and successfully participate in small scale fisheries. Commercial fishing has always been, and will continue to be, integral to the health, economies, and culture of the communities of coastal British Columbia, and if well managed by local leadership, can provide measureable improvements in community health and resilience. Resident small boat fleets are essential to realizing this opportunity and the long-term sustainability of ocean resources. Over the past number of years, the opportunity to sustain a vibrant, local fishing industry has been increasingly challenged by high costs and corporate consolidation in terms of fisheries access, processing, and distribution. Ecotrust Canada has been working in partnership with fishermen, First Nations, and communities to build solutions to these challenging and complex issues. Our work on social finance and solution building has been part of trying to help address these challenges. We highlight three examples of innovative ways to support coastal conservation and use social finance: our $4M Coastal Loan fund, and what lessons can be learned from the decade-long experiment; fisheries licence banks that pool access, risk, and benefits, increasing the viability of fishermen and securing access for rural communities; and community-based revolving loan funds designed in partnership with communities to address local objectives. There are roles for communities, philanthropic organizations, financial institutions and ethical investors to move social finance into the fisheries sphere, with benefits to be realized for our ecosystems, communities, and local economies.